Bill Sponsor
California Assembly Bill 2170
Session 20212022
Residential real property: foreclosure sales.
Became Law
Became Law
Became Law on Sep 30, 2022
First Action
Feb 15, 2022
Latest Action
Sep 30, 2022
Origin Chamber
Assembly
Type
Bill
Bill Number
2170
State
California
Session
20212022
Sponsorship by Party
Assembly Votes (4)
Senate Votes (4)
Motion Text
AB 2170 Grayson Concurrence in Senate Amendments
Summary
Existing law prescribes various requirements to be satisfied before the exercise of a power of sale under a mortgage or deed of trust and prescribes a procedure for the exercise of that power. Existing law, until January 1, 2026, prescribes a process in connection with a trustee's sale of property under a power of sale contained in a deed of trust or mortgage on real property containing one to 4 residential units, inclusive, that provides specified bidding priorities to certain parties, including prospective owner-occupants. This bill would prescribe requirements that would apply to sales of real property containing one to 4 residential dwelling units, inclusive, that is acquired through foreclosure under a mortgage or deed of trust by an institution or that is acquired at a foreclosure sale by an institution, as defined. The bill would require the institution, during the first 30 days after a property is listed, as specified, to only accept offers from eligible bidders, as defined, and to respond, in writing, to all offers received from eligible bidders before considering any other offers. This bill would require an eligible bidder to submit an affidavit or declaration, as specified, with their offer to an institution. By expanding the crime of perjury, this bill would impose a state-mandated local program. This bill would also prohibit an institution from conducting a bundled sale, as defined. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Sources
Record Created
Feb 17, 2022 12:14:06 PM
Record Updated
Nov 22, 2022 12:26:30 PM